What is the name of your state? OK
We have a disabled but somewhat functional workwise child who now has significant health issues. Until the pandemic he held a low income job (approx $15K/year) and has purchased health insurance via the exchange. He is now unemployed and receiving unemployment benefits. His insurance premium is about 50% of these benefits so we are assisting him with additional funding for copays, prescriptions, and living expenses. I often pay these directly to the provider on my account or on a credit card on which he is an authorized user, We do not claim him as a dependent on our income taxes..
In the past when he was still a dependent student, we have signed financial responsibility documents for his hospital admissions, etc. His health has deteriorated significantly and I am anticipating significant costs of treatment in the future. As it is, our health care expenses including insurance exceed 50% of our income since we are now retired and on Social Security and savings (no pension). Our prescriptions are estimated to cost over $9000 next year without considering his.
Can our previous payments on his behalf make us liable for future payments? If so, what should we do to withdraw our agreements to pay his expenses?
While it is likely that he could qualify for Medicaid and SSI ( which is greater than his unemployment insurance payment), that would leave him without physicians since the ones he now sees do not accept it or, if they do , they are not accepting new patients on either that or even Medicare. His small retirement account would also need to be drained for him to qualify, and he would become homeless.
Keeping his current health insurance and providing for his increasing care while protecting our limited assets for our own care is my concern. Please suggest what we should/should not do.
We have a disabled but somewhat functional workwise child who now has significant health issues. Until the pandemic he held a low income job (approx $15K/year) and has purchased health insurance via the exchange. He is now unemployed and receiving unemployment benefits. His insurance premium is about 50% of these benefits so we are assisting him with additional funding for copays, prescriptions, and living expenses. I often pay these directly to the provider on my account or on a credit card on which he is an authorized user, We do not claim him as a dependent on our income taxes..
In the past when he was still a dependent student, we have signed financial responsibility documents for his hospital admissions, etc. His health has deteriorated significantly and I am anticipating significant costs of treatment in the future. As it is, our health care expenses including insurance exceed 50% of our income since we are now retired and on Social Security and savings (no pension). Our prescriptions are estimated to cost over $9000 next year without considering his.
Can our previous payments on his behalf make us liable for future payments? If so, what should we do to withdraw our agreements to pay his expenses?
While it is likely that he could qualify for Medicaid and SSI ( which is greater than his unemployment insurance payment), that would leave him without physicians since the ones he now sees do not accept it or, if they do , they are not accepting new patients on either that or even Medicare. His small retirement account would also need to be drained for him to qualify, and he would become homeless.
Keeping his current health insurance and providing for his increasing care while protecting our limited assets for our own care is my concern. Please suggest what we should/should not do.